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Inside the CFPB

November 7, 2022

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Student Loan, Credit Card, Payday Loan Gripes Jump

Although they represent a small share of total complaints, student loan gripes increased by almost 50% in the third quarter. Mortgage-related complaints, on the other hand, continued to decline. (Includes two data charts.) Read More

Only Congress Can 'Fix' CFPB Funding Structure, Attorneys Say

Last month’s appeals court decision that the CFPB’s funding structure is unconstitutional has created a lot of uncertainty. Read More

Small Business Reps Asked to Weigh In on Data Sharing Rule

The bureau moved one step closer in its long-awaited consumer-permissioned data sharing rule, releasing an outline of proposals to small business representatives. Read More

Chopra's Impact Coming Via Guidance More Than Enforcement

After a quiet period in the early days of Rohit Chopra’s tenure, the CFPB is back on pace with enforcement actions. But the new director’s presence is really being felt in an avalanche of guidance. Read More

Lax Data Security Could Be Unfair Practice: Bureau Guidance

The bureau has sent notice that financial services firms need to stay on their toes regarding data security or risk violating the Consumer Financial Protection Act. Read More

Fed: Ineffective Communication Can Hinder Compliance

A firm’s organizational structure and the way information is shared can have implications for the likelihood of compliance problems. Read More

'Surprise' Overdraft, Depositor Fees Prohibited by CFPA

CFPB says that overdraft fees based on “unintelligible” processes and blanket policies to charge consumers for depositing checks that bounce are both likely violations of the Consumer Financial Protection Act. Read More

Racial Application Denial Gaps Not Due to Differential Treatment

Observable underwriting factors explain most racial and ethnic disparities in mortgage application denial rates, a new Fed study finds. Read More

Other News in Brief

Broeksmit criticizes CFPB at annual MBA conference; Senate Democrats ask for remittance rule revisions; bureau reopens payment service comments; CFPB says student borrower finances worsening. Read More

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